STUNNING ECONOMIC DECLINE – AT 9:17 A.M. ET:  Job creation in the United States fell to its lowest point in six years last month.  From Bloomberg:

Employers in May added the fewest number of workers in almost six years, reflecting broad cutbacks that may raise concern about U.S. growth and prompt Federal Reserve policy makers to put off an increase in interest rates.

The addition of 38,000 workers, the fewest since September 2010, followed a 123,000 advance in April that was smaller than previously estimated, a Labor Department report showed Friday. The increase in May was less than the most pessimistic forecast in a Bloomberg survey. The jobless rate dropped to 4.7 percent, the lowest since November 2007, as Americans left the labor force.

Smaller employment gains reduce the odds of a more pronounced upturn in household spending and economic growth after a poor start to the year. Fed officials will take into account more judicious hiring, at a time when corporate profits are on a downswing and global markets remain weak, as they consider whether to raise interest rates again.

“The slowdown in job growth looks pretty pervasive across industries,” said Michael Feroli, chief U.S. economist at JPMorgan Chase & Co. in New York. “It raises some questions about the momentum of growth and about the outlook. The easy thing to say is, this takes June off the table for a Fed hike. To get to July, we’re going to need a pretty nice rebound in the data.”

The median forecast in a Bloomberg survey of economists called for a 160,000 gain in May employment. Estimates of 90 economists in ranged from job gains of 90,000 to 215,000 after an initially reported 160,000 increase in April. Revisions to prior reports subtracted a total of 59,000 jobs from payrolls in the previous two months.

COMMENT:  Yikes.  Those are miserable numbers, yet President Barack ("J.P. Morgan") Obama assures us that we're soaring.  He also assured us that the oceans would recede once he became president. 

Numbers like that will hurt the Democratic nominee, and may help Donald Trump, who, in his blustering manner, is running as a businessman who knows how to create jobs.  He'd better know how.  If he's elected, and the economy tanks, he'll be escorted out of Washington after one term, unless they get him on an impeachable offense sooner.

June 3,  2016